Russia Medical Consumables Market Booms to $118.7M by 2027, Driven by Healthcare Expansion: Ken Research

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Feb 08, 2024, 10:45 ET

GURUGRAM, India, Feb. 8, 2024 /PRNewswire/ -- The demand for medical consumables in Russia is surging, fueled by a confluence of factors. Driven by rising healthcare expenditure, increasing production of medical supplies, and advancements in technology, the market is expected to reach a staggering USD 118.7 million by 2027, reflecting a robust 5.5% CAGR.

Market Snapshot:

Market size: USD 34.9 thousand in 2022, projected to reach USD 118.7 million by 2027 (CAGR: 5.5%)
Key segments: Slip syringes, serum bags, serum bottles
Growth drivers: Increased healthcare expenditure, rising prevalence of chronic diseases, technological advancements, growing healthcare awareness
Challenges: Regulatory hurdles, fluctuating import-export dynamics, limited domestic production capacity in certain segments

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Fueling the Growth:

Rising Healthcare Expenditure: Increased government and private investments in healthcare infrastructure are driving demand for medical consumables.
Chronic Disease Burden: The prevalence of chronic conditions like diabetes and cardiovascular diseases necessitates continuous use of medical supplies.
Technological Advancements: Innovations in wound care, diagnostic consumables, and other areas are creating new market opportunities.
Growing Healthcare Awareness: A more informed population is driving demand for preventive care and early detection, leading to increased use of consumables.

Market Segmentation:

Slip Syringes: Domestic production dominates this segment, accounting for roughly 55% of the market share.
Serum (IV) Bags: Imports hold a significant share (65%) due to specialized production requirements and infrastructure.
Serum (IV) Bottles: Similar to serum bags, imports hold a majority share (60%) due to production capacity constraints in Russia.

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Competitive Landscape:

International players: Johnson & Johnson, B. Braun, GE Healthcare, Medtronic
Domestic players: Local manufacturers and distributors play a crucial role in meeting domestic demand.

Looking Ahead:

The future of the Russia medical consumables market appears bright. Continued healthcare investments, technological advancements, and an aging population are expected to propel further growth. Market participants who adapt to changing trends, embrace innovation, and cater to specific needs will be well-positioned to thrive in this dynamic landscape.

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Taxonomy

Russia Medical Consumables Market Segmentation

By Slip Syringe

Syringe Production

Imports

Domestic Production

Syringe Capacity

By Serum (IV) Bags

Serum Bags Production

Imports

Domestic Production

By Serum (IV) Bottles

Serum Bottle Production

Imports

Domestic Production

For More Insights On Market Intelligence, Refer To The Link Below: –

Russia Medical Consumables Market

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SOURCE Ken Research